SC Venture, the fintech investment and ventures arm of Standard Chartered, has signed a memorandum of understanding (MoU) with Japan’s SBI Holdings.
The MoU is aimed at expanding the firm’s portfolio at both business and geographic levels and exploring new ecosystems.
Both SC Ventures and SBI seek to transform the financial services space by building and investing in the “ecosystem” of new companies.
The agreement covers three main areas that include the opportunity to collaborate and co-invest in portfolio companies including the option to set up joint venture funds.
Both the firms aim to come together on business development to establish and scale operations leveraging each other’s geographic presence.
The third area SC Ventures and SBI will collaborate on is developing ecosystems around specific themes such as SMEs, supply chain, digital assets decentralised finance and Web 3.0 among others.
“The MOU offers an opportunity for SBI and SC Ventures to mutually benefit from the collective breadth of investment expertise and complementary global footprints,” it noted.
SC Ventures has operations across Asia, Africa, and the Middle East, whereas Japan-based SBI is present in the Southeast Asian region.
In March this year, Standard Chartered Bank (China) signed an agreement with Shenzhen Angel FoF Management to develop fintech companies in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
Most recently, Standard Chartered announced its retreat from seven markets across Africa and the Middle East (AME) region.